Mr. Brian Ostroff reports

ARIANNE PHOSPHATE ADDS MARK EDINGER AS AN ADVISOR

Mark Edinger will be joining Arianne Phosphate Inc. as an adviser. Mr. Edinger is a 15-year veteran of Nutrien Ltd. and its predecessor (Potash Corp. of Saskatchewan) having most recently served as its director of phosphate commercial and product management teams. As a director in that division, Mr. Edinger had responsibility for the global marketing of Nutrien's phosphate product lines, providing him with a deep understanding of the participants involved, the market and the economics.

"Over the years, I have watched Arianne advance its Lac a Paul deposit from a grassroots exploration asset to, what is today, one of the most significant phosphate deposits in the world," said Mr. Edinger. "Aside from its size and geopolitically safe jurisdiction, Arianne will produce a very high-purity, low-contaminant phosphate that will be required to meet the world's growing demand. Further, as Arianne has already demonstrated, their phosphate is ideal for the materials required for the LFP battery, a market that will significantly increase the importance of the Arianne deposit. I am very excited to be part of this project and use my knowledge and contacts to see it come to fruition."

"I worked closely with Mark for many years at Nutrien and look forward to repeating our success at Arianne," said Raef Sully, former chief executive officer of Nutrien's phosphate and nitrogen divisions and member of the Arianne board of directors. "Aside from their significant phosphate fertilizer operations, Nutrien also produces purified phosphoric acid, the material required for industrial applications as well as the LFP battery. Mark and I both know first-hand the opportunities for high-purity market and believe that Arianne can be the major player in this market; we look forward to advancing it."

Arianne's Lac a Paul deposit is an igneous phosphate deposit and thus very rare. Due to its geological nature, Arianne can produce an extremely pure phosphate concentrate devoid of the deleterious elements often found in most other deposits. As a result, aside from being able to address the world's growing demand for fertilizer, Arianne's phosphate is ideal for the production of the lithium-iron-phosphate (LFP) battery. The LFP battery today is among the fastest-growing battery chemistries with many automotive companies, such as Tesla, Ford and Volkswagen announcing plans to use them. Beyond its use in electric vehicles, the LFP battery is set to be dominant in the energy storage market. In order to meet this growing demand, the world supply of purified phosphoric acid will need to increase twofold to threefold. Currently, with 90 per cent of all LFP production situated in China, Arianne's Canadian-based deposit will be of significant importance going forward as the West looks to secure production of these critical materials.

As well, Arianne has announced a grant of 500,000 stock options to Jeffrey Beck, CEO of Arianne Phosphate, and in lieu of any salary or cash remuneration. These options entitle Mr. Beck to purchase one common share of the company until Aug. 17, 2023, at a price of 34 cents per share, this being the closing price of the company's shares on the trading day preceding the date of the grant. The options are subject to a vesting period and are also subject to regulatory approval. Mr. Beck added, "Similar to my past employment with Arianne, I am excited to have my remuneration tied to the future of the company and believe that both the quality of the asset and the macro business environment will allow for this project to flourish."

About Arianne Phosphate Inc.

Arianne Phosphate is developing the Lac a Paul phosphate deposits located approximately 200 kilometres north of the Saguenay/Lac St. Jean area of Quebec, Canada. These deposits will produce a high-quality igneous apatite concentrate grading 39 per cent P2O5 (phosphorus pentoxide) with little or no contaminants (feasibility study released in 2013). The company has 196,809,271 shares outstanding.

Qualified person

Raphael Gaudreault, eng, qualified person by National Instrument 43-101, has approved this release. Mr. Gaudreault is also the company's chief operating officer.

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